05.07.2009
A financial statement prepared annually for shareholders and stating a company’s assets and liabilities
Crude oil pipeline of 1,768 km running through Azerbaijan, Georgia and to the southern Turkish marine terminal of Ceyhan. The pipeline transfers (2008) a million barrels of oil a day. The east-west energy corridor that passes over Azerbaijan and Georgia reaching Turkey was constructed with strong US support and eroded Russia’s control over the extensive energy resources of the Caspian Sea as the first major oil pipeline to bypass Russia. The pipeline also freed Azerbaijan and Georgia from being dependent on Russia for their natural gas resources. The pipeline was put into service in 2006. It was forced to close for a while due to a fire in the Turkish section and faces increasing problems since the conflict between Russia and Georgia in August 2008.
Opposite to contango. Backwardation prevails when the price of a distant futures contract is below that of an earlier delivery. For instance, if in September 2008 crude oil futures for sale in October settled at $97.88 a barrel and the January 2009 delivery finished up at only $97.72, this would mean that the January 2009 market was “backward” by 16 cents a barrel. Put another way, the spot market (where deliveries are made “on the spot”) is 16 cents under January. If you have oil to sell, to whom would you rather deal? To somebody who wants it by October or to someone who wants it after New Year’s Day? You’ll get 16 cents more, and avoid three months of storage costs by dealing your oil in the spot market.
According to the electricity regulations the essential service provider must give back-up services to all of an IPP’s consumers. Thus if an IPP is unable to provide his consumers with electricity due to down time for maintenance or any other reason, IEC is obliged to provide the power
When the government exercises its ‘back-in right’ to purchase a certain percentage of an oil or gas field
SOCAR is one of the largest oil companies in the world.
A consortium of currently 10 petroleum companies that have signed extraction contracts with Azerbaijan. These companies include BP (UK), Chevron (USA), Devon Energy (USA), StatoilHydro (Norway), T?rkiye Petrolleri Anonim Ortakl??? (Turkey), Amerada Hess (USA), State Oil Company of Azerbaijan (Azerbaijan), ExxonMobil (USA), Inpex (Japan), Itochu (Japan). The AIOC made significant investment contributing to the construction of the South Caucasus Pipeline, the Baku-Tbilisi-Ceyhan Pipeline and are currently discussing construction of a Trans-Caspian Oil Pipeline between Kazakhstan and Azerbaijan. Extraction of oil from the Azeri-Chirag-Guneshli fields and natural gas from Shah Deniz has been possible through foreign direct investment in this consortium.
Is a principle stated in 1811 by the Italian chemist Amedeo Avogadro (1776-1856) that “equal volumes of gases at the same temperature and pressure contain the same number of molecules regardless of their chemical nature and physical properties”. This number (Avogadro’s number) is 6.023 X 1023. It is the number of molecules of any gas present in a volume of 22.41 L and is the same for the lightest gas (hydrogen) as for a heavy gas such as carbon dioxide or bromine
The Company’s principal activities are the exploration, extraction and production of crude oil and gas in Israel. During 2006 the Company’s sales were comprised of natural gas, which was supplied to Israel Electric Corporation. Equity held: Yitzhak Tshuva 51%, Migdal 5%, Gideon Tadmor 2.5%, public 41.5%
The revenue requirement of a utility divided by the utility’s sales. Average cost typically includes the costs of existing power plants, transmission, and distribution lines, and other facilities used by a utility to serve its customers. It also included operating and maintenance, tax, and fuel expenses.